Bitcoin’s latest sprint toward the mid-70s is less a triumph of dauntless bulls and more a delicate handoff between a rising tide of macro demand and the practical pressures of on-chain supply. Personally, I think this phase reveals as much about the psychology of market participants as it does about price levels. What makes this particularly fascinating is that the price action isn’t riding a crescendo of speculative fever; it’s steady, almost medicinal, inflows from institutions meeting a stubborn reality: the cost basis where new supply might start to flood the market. The hook here isn’t a flashy breakout but (Read more…)
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